At CENTURY 21 Bill Bartlett, we believe real estate isn’t just about moving boxes. It’s about moving forward. We champion the long-term success of every homeowner, buyer, and seller we work with, because navigating today’s market requires more than just a search alert. It requires a strategic edge. Our goal is to guide you with wisdom and market expertise so you get the greatest return on your investment. To help you stay ahead of the curve, we’ve outlined some of the most costly mistakes we’ve seen over the years so you can move forward with confidence and clarity.
Overpricing or Under-Negotiating
Especially in a balanced or buyer’s market, accurate pricing is crucial to a successful sale. Some agents try to win listings by promising or agreeing to inflated prices. This, unfortunately, is working in their interest – not yours. A true professional will support their number with comps and tell you honestly if your desired asking price is too high – not just what you want to hear. While it may be disappointing, asking the right price from Day One is likely to save you time on market and a potentially bigger loss in price decreases on a stale listing.
On the other hand, playing hardball on things like a reasonable repair request can kill a deal. When interest rates are higher, buyers are more sensitive to costs; losing a solid buyer over a $2,000 credit could end up costing you $20,000 in a future price reduction if the home goes back on the market.
Over-Renovating or Making the Wrong Improvements
If homes in a particular neighborhood definitively sell around a certain price point, but a homeowner put hundreds of thousands of dollars into a full remodel with luxury fixtures, they’re likely to have a difficult time selling for that hundreds of thousands more. Buyers buy into the neighborhood, not just the home.
In addition, not all projects bring a dollar-for-dollar return, but some bring much more than others and improve the desirability of the home. Our best advice? Don’t go crazy spending on a project before analyzing the impact it could have at resale. There’s a balance between thinking like a future buyer and improving the home for your enjoyment. Because you can’t quite put a price on the value you get out of it in your everyday living.
Not Thinking of Their Future Self
The purchase price alone isn’t a full picture of the cost of home ownership. It’s important to consider the other expenses that come with the purchase and ownership of a home, such as closing costs and “carrying costs” like taxes, insurance, maintenance, repairs, utilities, updates, and potential HOA fees. Putting 100% of your savings into the down payment is a high-risk move. Don’t forget to keep an emergency fund.
It’s also important to consider how long you plan to live in the home. Unexpected circumstances aside, selling too soon can unfortunately result in a net loss in certain market conditions. It’s recommended to think 5-7 years out to allow time for equity and appreciation to build. Market conditions and closing costs matter, so doing your due diligence before buying into a specific home and location is critical. The last thing you want is to feel stuck or buyer’s remorse on one of the largest financial investments you’ll make.
For current homeowners, this factors into play when you consider deferred maintenance. Sometimes, ignoring or procrastinating routine maintenance or a simple repair can cause a bigger, more expensive problem later down the line. It can be much less stressful (and often more cost-effective) to properly care for components of the home little by little, rather than fixing or replacing everything at once when preparing to list it.
Using an Agent Who Doesn’t Truly Know the Local Market
Salado and Bell County are growing, and we’re seeing more buyers use agents that aren’t local to the market. Buyers typically do this because they had a great experience with that agent previously.
However, this can end up being a huge detriment to the buyer because out-of-town agents are exponentially less likely to know the intimate details of things like: the community, neighborhoods, history of homes (foundation problems, flooding, tornado damage, etc.) reputations of local builders, population growth and building plans, school district stats, and other key details.
We’ve seen buyers use out-of-town agents who purchase homes with histories they had no idea about and then end up with a fragile home that needs a lot of work. If you love your out-of-town agent, we can work out a referral agreement with them. This is a win-win for all parties that includes the Buyer receiving the market expertise they deserve.
We’re Here to Help You Protect Your Investment
For buyers, the costliest errors are a lack of financial discipline or due diligence. For sellers, it is a lack of market realism. But it doesn’t have to be that way.
Whether you’re a buyer, a seller, or a current homeowner, we’re here to help you make wise and informed decisions when it comes to your home. Whenever you find yourself in need of a trusted real estate resource in Salado or the surrounding Bell County area, we welcome you to contact us or stop by our office to visit with an agent in person.
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